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Measuring the Impact of Terror
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Piotr Konwicki, World Economics, March 2018
Events observed in Israel include terror attacks, controversial elections and unexpected wars, the impact of which can be analysed on the Tel Aviv Stock Exchange in terms of abnormal returns. Results show that defence and high-tech industries react positively to these events while other industries have a negative reaction. Recent data demonstrate that these events create positive abnormal market reactions when Israel is at war with Palestine and Lebanon because of the high number of defence and high-tech companies listed on Tel Aviv Stock Exchange. A phenomenon of the ‘normalisation of terror’ can be observed in the stock exchange, as the market reacted negatively to events in 2002 but has become more resilient to recent events.
Measuring Global Drug Markets
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Peter Reuter & Victoria Greenfield , World Economics, December 2001
The continuing demand for measures of the size of global drug revenues has produced a supply of numbers that consistently overstate international financial flows. This paper shows that, rather than $500 billion, the annual figure in trade terms may be about $25 billion. As with many refined agricultural products, most of the revenues go to distributors rather than to primary producing countries. The authors explore the need for estimates of the global drug markets, address the difficulties of obtaining ‘good’ numbers, and describe opportunities for developing better estimates of flows and revenues. There are at least three reasons for caring about the numbers: they can help to improve understanding of the drug production and consumption problem and identify appropriate policy responses.

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